Friday, February 27, 2015

ExxonMobiles’s energy outlook bright

A presentation yesterday on ExxonMobil’s Outlook for Energy has given a better picture of the demand and supply growth trend of energy on a global scale through to 2040.

Presented by Rob Gardner, the manager of the energy and economics division in ExxonMobil’s corporate strategic planning department, Outlook for Energy offers important perspectives about factors that will drive the world’s energy needs in the coming decades.

"We study energy to know what will happen in the future with the objective to come up with a pretty balanced view of the future from these studies." Mr Gardner said helping individuals, businesses and governments to better understand elements that shape future energy supply and demand around the world is essential to aid investments and create effective energy policies.

"The Outlook for energy provides ExxonMobil’s long-term view of global energy demand and supply and these findings help guide the company’s investments, which support its business strategy," Gardner said.

Mr Garner said developing countries will represent 80 per cent of global energy demand by 2040, making natural gas the fastest-growing major fuel source expected to be by then as its demand increases by 65 per cent.

According to the outlook, half of the increase in demand will come from Asia Pacific, being led by China, as the fast growing economy.

It’s also estimated that by 2040, rising natural gas demand will be met with abundant new supplies and significant expansion in trade as unconventional gas production nearly quadruples and LNG trade triples; to which PNG is an important contributor to regional LNG supplies.

Outlook for Energy also sees that gas production in Asia Pacific will double by 2040 as demand is expected to climb by about 170 per cent, resulting in Asia Pacific overtaking Europe and being the world’s largest gas importer.